Market Trends of Vietnam DIY Home Improvement Industry
This section covers the major market trends shaping the Vietnam DIY Home Improvement Market according to our research experts:
Increasing Focus on Online Retailing of DIY Products is Driving the Market in Vietnam
Factors such as an increasing number of DIY stores and the easy availability of DIY equipment, appliances, and tools online may contribute toward the growth of the segment in Vietnam. Various industry giants are actively investing in R&D activities with an intent to increase product assortment and innovation by adding value to their products. The presence of necessary skills in consumers for carrying out home improvement work is among the key factors propelling the market's growth. Manufacturers offer smart home improvement kits to assist DIY consumers. The presence of large manufacturers and retailers also boosted the number of DIY projects across the country.
Increasing Urbanization is Driving the Market
Steady urbanization and increasing disposable incomes in Vietnam are propelling the DIY home improvement market. Growing housing prices in populated cities due to rapid urbanization may also fuel the DIY home improvement market during the forecast period. This increase in the prices of home improvement may drive people to work on small improvement projects, such as gardening and plumbing, on their own. The steady rise in urbanization and the increasing penetration of e-commerce channels offering huge discounts may further contribute significantly toward the expansion of the DIY home improvement market in Vietnam.
